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Strategies & Market Trends : Classic TA Workplace
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To: J_K who wrote (6782)7/11/2001 8:31:32 AM
From: AllansAlias  Read Replies (2) of 209892
 
You know, stepping back to the wide view for a moment, we have many of the index charts showing a 5 wave decline off the top. This means one of two things to me:

(1) this is either the first leg (wave 1) in a devastating 5-wave down move that would see all previous lows for this year taken out to the woodshed by the wave 3. In the interim, we'd probably be a few weeks building a wave 2.

(2) this is the first leg of a zigzag (the 'a') and the second leg (the 'c') would measure to at-below the Mar/Apr lows. For example, the S&P 500 has retraced about 55% of the rally off its Mar lows in this leg. One could reasonably expect the second leg of the zigzag to be of equal distance.
.....Of course, before a second leg could begin, we'd have to endure weeks of jello as the 'b' of the zigzag is built.

End result of this analysis: short the crap out of the next rally as it's either a 2 or a 'b'.
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